Bank of Ghana Revokes Zeepay’s Electronic Money Licence Over Chronic Regulatory Breaches and Capital Shortfalls

The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited, effective immediately, following a series of persistent regulatory violations. The central bank’s decision, rooted in the Payment Systems and Services Act, 2019 (Act 987), comes after Zeepay reportedly failed to maintain the necessary cash reserves to back its issued electronic money. This lack of cash backing, combined with a failure to comply with directives regarding regulatory fund injections, was deemed a significant threat to consumer protection and the overall stability of the national payment system.

Investigations revealed that Zeepay had repeatedly ignored central bank warnings and directives to rectify its financial practices and capital structure. The revocation follows a period of mounting legal and financial pressure for the fintech company, including a court ruling requiring it to pay over $11.6 million for failed fund transfers and a winding-up petition from a creditor over an unpaid debt of $1.223 million. While Zeepay has denied certain allegations and continues to engage in legal battles, the BoG’s action effectively halts its ability to operate as a licensed electronic money issuer, though the status of its foreign exchange and other non-DEMI services remains under review.

In response to the news, the Digital Chamber of Ghana issued a statement reassuring the public of the continued stability of the country's digital payments ecosystem. The Chamber acknowledged the Bank of Ghana’s role in safeguarding the integrity of the financial sector while highlighting Zeepay’s past contributions to financial inclusion and cross-border remittances. The industry body emphasized that the revocation is institution-specific and does not reflect a wider crisis in Ghana’s digital finance sector, which remains robust under a strong regulatory framework. The Chamber is currently collaborating with the central bank to manage the transition and protect the interests of affected stakeholders.

The Bank of Ghana has established dedicated support channels and instructed affected wallet holders, agents, and merchants to contact its complaints office for assistance in securing their balances. This regulatory move serves as a stern warning to other players in the burgeoning fintech space regarding the importance of liquidity management and strict adherence to capital requirements. As Zeepay ceases its electronic money operations, the central bank maintains that its priority remains the protection of customer funds and the preservation of public confidence in Ghana’s digital economy.